CoinJar teams up with Mastercard to bring crypto cards to Australia
- Australian crypto exchange CoinJar is making a comeback with a new product — its own crypto card.
- The card was developed in partnership with Mastercard, and it will be accepted wherever Mastercard is.
- Users will also suffer no ongoing fees, and the 1% conversion rate will be returned to the customers.
Visa and Mastercard have been teaming up with cryptocurrency companies to bring crypto debit, and even credit cards to the industry and make spending digital coins in the real world possible. In one such partnership, featuring Mastercard, crypto cards might soon reach Australia, as one of its popular exchanges, CoinJar, just partnered with the card provider.
Mastercard progresses in bringing crypto to every corner of the world
Mastercard has been very ambitious when it comes to its efforts to bring crypto services to every corner of the globe. In fact, it keeps making headlines while pursuing this goal, with the CoinJar partnership being the latest example of this. The two will work on creating CoinJar’s own crypto card that the locals can use to spend cryptocurrencies within the Australian market’s fiat infrastructure.
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CoinJar explained the project in its recent blog post, noting that the new card will allow Australians to spend their digital currencies wherever Mastercard itself is accepted.
Details about CoinJar Card
The so-called CoinJar Card will be available in its physical and digital form, and it will be integrated with Google Pay and Apple Pay alike. The card supports 30 different coins, including the leading cryptos such as Bitcoin (BTC/USD), Ethereum (ETH/USD), XRP/USD, and others.
From what is known, users can select which coin they wish to pay with, and CoinJar will convert the crypto into AUD, which will then be sent to the merchants and service providers. The company was also sure to point out that there are no ongoing fees, and a low 1% conversion rate will be returned to customers through an in-house rewards program.
In other words, the card was made with the goal of rapidly attracting users, doing everything in its power to make using it as rewarding as possible. Meanwhile, according to Asher Tan, the CoinJar CEO, the goal is to give digital currencies day-to-day functionality.
One interesting thing about CoinJar is that it was forced to move from Australia to the UK back in 2014. At the time, it was aiming at avoiding Australia’s cryptocurrency taxes. Now, the firm seems ready to make its comeback and to do it with a brand new product.